Businesses warned of 'hazardous trading landscape' in wake of no-deal Brexit

Firms should plan for a possible 'no-deal Brexit' an accountancy body has warned. Picture by Stefan Rousseau, Press Association

BUSINESSES in the Republic and the UK have been warned to prepare for a "hazardous trading landscape" in the wake of a no-deal Brexit.

Chartered Accountants Ireland issued the stark warning as it unveiled guidance to help businesses prepare for the customs checks and controls they could face after Brexit.

In a joint publication with the Institute of Chartered Accountants in England and Wales (ICAEW), businesses and politicians have received information about how the EU customs system works, how customs duties are paid, and guidance on supply chain challenges and other barriers to trade they "are likely" to face.

Ireland's institute is an all-island body working in Northern Ireland and the Republic of Ireland. The Chartered Accountants Ireland Brexit Action Group helps members on both sides of the border to prepare for Brexit.

In a statement from Chartered Accountants Ireland, its president Feargal McCormack said that many traders in Ireland and the UK would be dealing with these issues for the first time and described the guide as "critical".

"Business need to get serious about Brexit now," he said.

"Given the outcomes of the negotiations so far, a no-deal Brexit is a realistic prospect and traders need to examine their supply chains, look at their cash flow and get up to date customs knowledge in order to deal with a potentially hazardous trading landscape.

"This guide will go a long way in helping to do this."

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